NABLUS, April 15, 2010 (WAFA) Palestine Securities Exchange (PSE) retained its upward trend this week (April 11-15), stimulated by the optimistic sight toward investment in Arab and Global markets and emergence of activity indications evolving from the re-confidence again.
Local market witnessed an activity supported with the entry of liquidity in which has took advantage of the low prices and initiated the accumulation on the shares of outstanding performance. This came in effect of signs of consistency in confidence indicators in the financial sector and accelerating improvement in the local and international economic indicators that have surfaced through crystallizing of some features of Palestinian capital market sector’s development; the first was the listing of Al-Wataniah Towers Company Shares to be the first this year as part of the Capital Market Authority’s plan to activate trading in the PSE by increasing the number of listed companies, in addition to the statement of the chief of Monetary Authority about his forecasts regarding completion of four banking mergers this year for eight banks operating in Palestine as an important step to support the stability of banking sector and increase the ability of banks to expand and address the risks. Al-Quds index ended the week’s transactions at the level of 511.35 points rising by %1.05 through trading 4.10 million shares that valued $6.22 million.
Investment sector’s index increased by %3.31; driven by PADICO which in its turn gained by %4.41 when closed at the level of $1.42 in effect of active and intensive buy transactions, to trade 1.96 million shares that valued $2.72 million and constitute %43.80 from PSE’s gross trading value, going beyond price levels that haven’t reached since a while within new liquidity that in turn enhanced the sector’s gains for the week. In the same sector, PIIC lost by %2.17 and closed at the level of JD0.90 after transactions of $0.41 million, also NSC declined by %5.00 closing at the level of JD0.95 within weak transactions, it should be noted that the general assembly of the company has approved distributing cash dividends to the shareholders of %5.00 as of April 8, 2010.
Banking sector’s index earned slightly by %0.36 when BOP ended the week’s transactions at the level of $3.73 increasing by %0.81 through medium transactions of $0.84 million, it is worth to mention the board of directors’ invitation to convene the bank’s ordinary and extraordinary general assembly on April 30, 2010 to approve the board’s proposal to distribute cash dividends to the shareholders of %21.40 from par value in addition to ratify the increase of the bank’s nominal capital to become $200 million, while AMB stabled at the level of $0.87 after transactions that valued $0.34 million.
Services sector’s index ended the week’s transactions increasing by %0.32; PALTEL therefore gained by %0.39 and closed at the level of JD5.20 in effect of trading 0.10 million shares that valued $0.73 million. In the same sector, ABRAJ started its first trading session on April 14, 2010 and ended to close at the end of the week at the level of $1.28 within transactions of $44 thousands, while GCOM advanced by %4.26 when closed at the level of $0.98 after transactions that had not exceeded $30 thousands, it should be noted that the extraordinary general assembly of the company that has held on April 15, 2010 approved to raise the capital to $15 million.
